Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nicotinic receptor agonists and antagonists. It serves as a building block in the production of drugs targeting neurological disorders such as Alzheimer's and Parkinson's diseases. Also employed in the preparation of agrochemicals, including certain herbicides and plant growth regulators. Its iodo functionality allows for further cross-coupling reactions, making it valuable in medicinal chemistry for creating diverse compound libraries during drug discovery.